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Sector Update: Tech Stocks Fall Tuesday Afternoon

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Tech stocks were lower Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 3.8%.

The Philadelphia Semiconductor index declined 4%.

In sector news, Microsoft-backed (MSFT) OpenAI and Amazon-backed (AMZN) Anthropic have pushed to expand the types of AI models requiring government review under a looming Trump administration framework to include those from competitors like Meta Platforms (META) and SpaceX's (SPCX) SpaceXAI, The Information reported.

In corporate news, Corning (GLW) shares fell past 15% after it reported Q2 results and set guidance for the next quarter.

Meta Platforms (META) and asset manager BlackRock (BLK) have teamed up to develop a data center campus in El Paso, Texas, at a cost of roughly $14 billion, the companies said Tuesday. Meta shares were up marginally.

Cadence Design Systems (CDNS) shares rose 2% after it lifted its full-year outlook and reported better-than-expected fiscal Q2 earnings.

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